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WW Outlook Holds as Asia Demand Impacts Ro-ro

[ August 13, 2026   //   ]

Wallenius Wilhelmsen maintained its full-year earnings outlook as surging vehicle exports from Asia kept its ro-ro fleet fully utilized and strengthened freight and charter rates, although higher fuel costs related to the Middle East conflict weighed on second-quarter earnings.

The company reported second-quarter revenue of US$1.31 billion, down 3 percent from US$1.35 billion a year earlier but up 4 percent from the first quarter. Adjusted EBITDA fell 24 percent year over year to US$361 million and was down 7 percent sequentially. EBIT declined to US$175 million from US$445 million, while net profit was US$138 million compared with US$403 million a year earlier.

Wallenius Wilhelmsen said the sequential decline in EBITDA largely reflected higher net fuel expenses in Shipping Services stemming from the Middle East conflict. The company maintained its 2026 outlook for adjusted EBITDA of about US$1.6 billion.

“We are happy to deliver a solid quarter in line with expectations, despite higher bunker costs,” CEO Lasse Kristoffersen said. “Shipping continues to experience full utilization out of Asia and Logistics starts to see good effects of the improvement program.”

Shipping revenue totaled US$998 million, up 6 percent sequentially but down 3 percent year over year. Volumes increased 4 percent from the first quarter to 13.6 million cubic meters but were 1 percent below the year-earlier period. Adjusted Shipping EBITDA was US$299 million, down 10 percent sequentially and 27 percent year over year.

Fuel expenses jumped 41 percent from the first quarter and 34 percent year over year to US$262 million, offsetting some of the benefit from the tight freight market. Net freight revenue per cubic meter declined 3 percent sequentially to US$61.40, reflecting trade mix and pricing effects.

Despite an expanding global ro-ro fleet, Wallenius Wilhelmsen said market conditions remained firm. Fourteen vessels were delivered into the global fleet during the quarter, while ships previously trapped in the Arabian Gulf largely returned to service late in the period. The additional capacity was absorbed by strong Asian exports, increasingly imbalanced trade flows and routing inefficiencies.

China remained the primary source of demand growth. Wallenius Wilhelmsen said weaker Chinese domestic demand is accelerating manufacturers’ expansion into overseas markets, reinforcing a structural shift in vehicle trade toward flows originating in Asia.

Asia-to-North America light-vehicle shipments totaled 978,000 units, up from 887,000 in the first quarter but below 1.02 million a year earlier. Asia-to-Europe shipments reached 736,000 units, up from 685,000 sequentially and 608,000 in the second quarter of 2025.

Heavy-and-high and breakbulk cargo accounted for 25 percent of Wallenius Wilhelmsen’s shipping volume, compared with 24 percent a year earlier, maintaining a substantial cargo base beyond automobiles and other rolling equipment.

Logistics Services continued to improve. Adjusted EBITDA increased to US$46 million from US$42 million in the first quarter and US$32 million a year earlier, reflecting operational improvements, cost efficiencies and improved contract terms.

Middle East disruption remains a significant risk. Wallenius Wilhelmsen said security concerns around Bab el-Mandeb continue to prevent a return to the Suez Canal, while the closure of the Strait of Hormuz affected operations and contributed to volatile bunker prices. The company’s Morning Concert, which had been caught inside the Arabian Gulf, safely exited Hormuz June 30.

Wallenius Wilhelmsen said strong shipping demand has continued into the second half, with solid volumes and high utilization expected to persist. The time-charter market has tightened further, adding pressure to available capacity, although the company said its outlook remains dependent on the duration and effects of the Middle East conflict.

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